Term paper on embedded systems

After the transition period of the 1970s, the neoliberal era is commonly said to have begun at about 1980. Also referred to by economic historians as the Washington Consensus era, its emergence was marked by the rise to power of Margaret Thatcher in Great Britain, and Ronald Reagan in the United States. While there was no attempt to revive the previous system of fixed exchange rates on a global scale, Neoliberalism upheld a similar commitment to free trade as had the previous era. Similar to the era of classical economic liberalism, neoliberalism involved the "dis-embedding" of markets - at a policy level some of the main changes involved pressure for governments to abolish their capital controls, and to refrain from economic interventions. Many of the institutions established in the previous era remained in place however, and free market ideology never became as influential as it had been during the peak years of classical liberalism. In a 1997 paper, Ruggie himself discussed how some of the protection gained for workers with the embedded liberal compromise still lived on, though he warned it was being eroded by the advance of market forces. [30]